Well, the act would create sonic vibration which the Panda at least would hear or be subjected to should the Panda be deaf. It would have very little physical effect if the Panda's hearing wasn't acute enough to make out the sound for whatever reason. The sound would also travel, though likely not far. It may effect the behaviour of very nearby animals and plant life. Past sound would be fragrance. This would carry for much further and be detected by critters for potentially miles around. Certain pheromones would also be carried through the winds. An argument could be made that the steaming log of bamboo heavy excrement would also be heated by the Panda and transfer this heat into its new environment until it was at equilibrium with said environment. Long term ramifications would have to include fertilization of the soil and the potential for someone or something stepping in it at some point. From a standpoint of Chaos theory, even the tiniest of future interaction could have a cascading effect on environment and decisions made by living creatures who would then come in direct contact with it at time of delivery or any of its longer lingering side effects. Every time a Panda squats to relieve itself, the world is altered - for better or worse - by some tiny margin.

I'll pick it up, throw it in the thrash and give the panda a hug

Yes.