To reduce the view-flipping effect and enhance the viewing resolution, the modulation characteristics of the hogel based holographic stereogram is constructed and validated. The performance of the view-flipping effect is analyzed, and the results indicate that decreasing the size of hogel is beneficial to the reduction of the view flipping, however, which will result in significant diffraction effect which can degrade the reconstruction quality. Furthermore, a diffraction-limited imaging model of the hogel based holographic stereogram is established, where both the limited aperture of the hogel and the defocused aberration of the object point are introduced, and the effective resolvable size of the reconstructed image point is simulated. The theory shows that there is an optimal hogel size existed for the certain depth of scene. Both the numerical and optical experiments are implemented, and the results are well agreed with the theoretical prediction, which demonstrates that the view-flipping reduction and reconstruction visualization enhancement for EPISM based holographic stereogram can be achieved when the proper size of hogel is utilized.