The unsteady axisymmetric problem of a liquid drop impacting onto a rigid vibrating substrate is studied. Initially, the drop is spherical and touches the flat substrate at a single point. Then, the substrate starts to move toward the drop and vibrate with a small amplitude and high frequency. The early stage of the impact is studied by using the potential flow theory and the Wagner approach in dimensionless variables. The effect of the substrate vibration on the drop impact is described by a single parameter. It is shown that the vibration of the substrate leads to oscillations of the pressure in the contact region. The low-pressure zone periodically appears in the wetted part of the substrate. The low-pressure zone can approach the contact line, which may lead to ventilation with separation of the liquid from the substrate. The magnitude of the low pressure grows in time. The acceleration of the contact line oscillates with time, leading to splashing of the droplet with the local increase of the thickness of the spray jet sheet at a distance from the contact line. The phase shift of the substrate vibration with respect to the impact instant is not studied. Splashing can be produced only by a forced vibration of the substrate. The impact onto an elastically supported rigid plate does not produce splashing. The obtained results and the theoretical model of the initial stage of drop impact are valid for certain ranges of parameters of the problem.