The transaction has impacts beyond the immediate direct interaction, and those must also be considered. Examples:
* The company now has more money for research and development, which will result in the creation of new value.
* Demand has been demonstrably increased (from the moment before the transaction), providing a small but real signal that production should increase. Increased production will result in new value being created.
And so on. This is all on average, of course. Some companies destroy value through incompetence, ignorance, malicious action, or other mechanisms.
* The company now has more money for research and development, which will result in the creation of new value.
* Demand has been demonstrably increased (from the moment before the transaction), providing a small but real signal that production should increase. Increased production will result in new value being created.
And so on. This is all on average, of course. Some companies destroy value through incompetence, ignorance, malicious action, or other mechanisms.